WIN: WIN Metals - Investor Presentation October 2026
Original announcement by asx on
- Company
- WIN Metals
- Ticker
- WIN
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Nickel, Lithium, Rubidium
- Document categories
- Other, Permitting, Metallurgy, Resource update
- Extracted
- 2026-10-21 01:05:26 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
WIN Metals presented an investor update outlining its three-pillar Western Australian gold strategy, centered on the Radio Gold Project, Butchers Creek, and Mt Edwards. The company highlighted the completion of the Radio Gold Re-Start Study with strong economics, the lodging of key restart permits, and confirmed high gold recoveries. Additionally, the presentation noted successful rubidium extraction testwork at the Faraday Critical Minerals Project and the completion of a strategic deal with Astral Resources.
Reasoning: The presentation provides a positive overview of WIN Metals' strategy and project advancements, highlighting recent milestones in permitting, metallurgy, and corporate transactions, despite some project-specific risks.
Positive factors
- Radio Gold Project restart study complete with positive economics (A$18m NPV8, 84% IRR, 11-month payback)
- Key restart permits lodged for Radio Gold
- High gold recovery confirmed for Radio Gold (95%+ combined gravity and leach)
- Strategic consolidation around Radio Gold (Princess Royal acquired, Stumpy Doodle option)
- Successful rubidium extraction (up to 96.7%) at Faraday Critical Minerals Project
- Astral deal completed, securing gold rights and funding
- Diversified project portfolio with gold, nickel, and critical minerals
Negative factors
- Radio Gold Re-Start Study is preliminary, with 14% Inferred Mineral Resources
- Peak pre-finance funding of ~A$19m not yet secured for Radio Gold
- Mt Edwards Nickel Project is in care and maintenance
Facts used in scoring: 15
Classification and evidence
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 13. Some facts used in scoring do not have a stored record.
Resource Estimates (11)
indicatedRadio Gold Project · goldTonnes: 200000Grade: 4Grade Unit: g/tContained Metal: 25500Contained Unit: ozView all detailsHide details
Identity
- Project
- Radio Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:cb9709739f556834a36b
Resource Data
- Category
- indicated
- Tonnes
- 200000
- Grade
- 4
- Grade Unit
- g/t
- Contained Metal
- 25500
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-02
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The indicated resource for the Radio Gold Project is presented as part of an updated JORC MRE, contributing to the overall project economics.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Evidence · table
“4.00”
Context: 200,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
inferredRadio Gold Project · goldTonnes: 166000Grade: 4.5Grade Unit: g/tContained Metal: 24100Contained Unit: ozView all detailsHide details
Identity
- Project
- Radio Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:4e2032d17c04a9c4827d
Resource Data
- Category
- inferred
- Tonnes
- 166000
- Grade
- 4.5
- Grade Unit
- g/t
- Contained Metal
- 24100
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-02
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for the Radio Gold Project is presented as part of an updated JORC MRE, but carries a lower level of geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“4.50”
Context: 166,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 166,000
indicatedButchers Creek Gold Project · goldTonnes: 3580000Grade: 2.24Grade Unit: g/tContained Metal: 258000Contained Unit: ozView all detailsHide details
Identity
- Project
- Butchers Creek Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:8ab213eae8d1914db219
Resource Data
- Category
- indicated
- Tonnes
- 3580000
- Grade
- 2.24
- Grade Unit
- g/t
- Contained Metal
- 258000
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-04-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The indicated resource for the Butchers Creek Gold Project is presented as part of a JORC resource update, providing scale and optionality.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Evidence · table
“2.24”
Context: 3.58
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated April 16, 2025.
Evidence · text
“WIN advances Butchers Creek development with resource update” dated 16 April 2025.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
inferredButchers Creek Gold Project · goldTonnes: 1650000Grade: 1.18Grade Unit: g/tContained Metal: 63000Contained Unit: ozView all detailsHide details
Identity
- Project
- Butchers Creek Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:1184549ac66f798b0cf9
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 1.18
- Grade Unit
- g/t
- Contained Metal
- 63000
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-04-16
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for the Butchers Creek Gold Project is presented as part of a JORC resource update, but carries a lower level of geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“1.18”
Context: 1.65
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated April 16, 2025.
Evidence · text
“WIN advances Butchers Creek development with resource update” dated 16 April 2025.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1.65
inferredButchers Creek Gold Project · goldTonnes: 400000Grade: 3.1Grade Unit: g/tContained Metal: 38000Contained Unit: ozView all detailsHide details
Identity
- Project
- Butchers Creek Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:b20f77cb88515a7c8724
- Deposit or zone
- Golden Crown
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 3.1
- Grade Unit
- g/t
- Contained Metal
- 38000
- Contained Unit
- oz
- Cutoff Grade
- 0.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-06-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for Golden Crown is presented as part of a JORC resource, but is an older estimate and carries a lower level of geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“3.10”
Context: 0.40
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated April 16, 2025, which includes this older Golden Crown estimate.
Evidence · text
“WIN advances Butchers Creek development with resource update” dated 16 April 2025.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 0.40
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 5.4 years before this release
indicatedFaraday Critical Minerals Project · lithiumTonnes: 550000Grade: 0.75Grade Unit: % Li2OView all detailsHide details
Identity
- Project
- Faraday Critical Minerals Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:8895e0d0baf4f5879757
- Deposit or zone
- Faraday
Resource Data
- Category
- indicated
- Tonnes
- 550000
- Grade
- 0.75
- Grade Unit
- % Li2O
- Cutoff Grade
- 0.3
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The indicated resource for the Faraday deposit is presented as part of a JORC MRE, contributing to the critical minerals portfolio.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Evidence · table
“550”
Context: 0.75
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated November 8, 2023.
Evidence · text
“375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
inferredFaraday Critical Minerals Project · lithiumTonnes: 220000Grade: 0.61Grade Unit: % Li2OView all detailsHide details
Identity
- Project
- Faraday Critical Minerals Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:47e9d91d0b777852ab13
- Deposit or zone
- Faraday
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 0.61
- Grade Unit
- % Li2O
- Cutoff Grade
- 0.3
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for the Faraday deposit is presented as part of a JORC MRE, but carries a lower level of geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“220”
Context: 0.61
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated November 8, 2023.
Evidence · text
“375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“220”
Context: 0.61
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedFaraday Critical Minerals Project · lithiumTonnes: 780000Grade: 0.69Grade Unit: % Li2OView all detailsHide details
Identity
- Project
- Faraday Critical Minerals Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:87bc8c10e6909e506f74
- Deposit or zone
- Trainline
Resource Data
- Category
- indicated
- Tonnes
- 780000
- Grade
- 0.69
- Grade Unit
- % Li2O
- Cutoff Grade
- 0.3
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The indicated resource for the Trainline deposit is presented as part of a JORC MRE, contributing to the critical minerals portfolio.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Evidence · table
“780”
Context: 0.69
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated November 8, 2023.
Evidence · text
“375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
inferredFaraday Critical Minerals Project · lithiumTonnes: 160000Grade: 0.63Grade Unit: % Li2OView all detailsHide details
Identity
- Project
- Faraday Critical Minerals Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:d2b09f28cc32d69a05ac
- Deposit or zone
- Trainline
Resource Data
- Category
- inferred
- Tonnes
- 160000
- Grade
- 0.63
- Grade Unit
- % Li2O
- Cutoff Grade
- 0.3
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for the Trainline deposit is presented as part of a JORC MRE, but carries a lower level of geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
Evidence · table
“160”
Context: 0.63
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated November 8, 2023.
Evidence · text
“375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“160”
Context: 0.63
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedMt Edwards Nickel Project · nickelTonnes: 5410000Grade: 1.45Grade Unit: %Contained Metal: 174540Contained Unit: tView all detailsHide details
Identity
- Project
- Mt Edwards Nickel Project
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:53693a0dd35fecc7f6f7
Resource Data
- Category
- indicated
- Tonnes
- 5410000
- Grade
- 1.45
- Grade Unit
- %
- Contained Metal
- 174540
- Contained Unit
- t
- Cutoff Grade
- 1
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2026-09-28
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The indicated resource for the Mt Edwards Nickel Project is presented as part of a JORC MRE, but the project is currently in care and maintenance.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Care and Maintenance
Evidence · table
“5.41”
Context: 1.45
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated September 28, 2026.
Evidence · text
“estimates of Nickel Mineral Resources for the Mt Edwards Project, and the tenure rationalisation transaction with Astral Resources, has been extracted from the Company’s ASX Announcements titled “$9m of Funding Through Tenure Rationalisation Transaction” dated 28 September 2026”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
inferredMt Edwards Nickel Project · nickelTonnes: 6920000Grade: 1.38Grade Unit: %Contained Metal: 174540Contained Unit: tView all detailsHide details
Identity
- Project
- Mt Edwards Nickel Project
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:f3b0a54b0415aae22342
Resource Data
- Category
- inferred
- Tonnes
- 6920000
- Grade
- 1.38
- Grade Unit
- %
- Contained Metal
- 174540
- Contained Unit
- t
- Cutoff Grade
- 1
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2026-09-28
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The inferred resource for the Mt Edwards Nickel Project is presented as part of a JORC MRE, but the project is in care and maintenance and this category carries lower confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Cut-off Disclosed
Negative factors
- Inferred Resource
- Care and Maintenance
Evidence · table
“6.92”
Context: 1.38
Tags used in scoring
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The resource estimate is from an update dated September 28, 2026.
Evidence · text
“estimates of Nickel Mineral Resources for the Mt Edwards Project, and the tenure rationalisation transaction with Astral Resources, has been extracted from the Company’s ASX Announcements titled “$9m of Funding Through Tenure Rationalisation Transaction” dated 28 September 2026”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource category is Inferred, which is a speculative category with limited drilling.
Evidence · table
“6.92”
Context: 1.38
Metallurgical Results (2)
gravity/leach testworkRadio Gold Project · goldRecovery: 98.6 %View all detailsHide details
Identity
- Project
- Radio Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Test Work
- Program Status
- detailed
- Test Type
- gravity/leach testwork
- Processing Route
- gravity and leach
- Grind P80
- 75 µm
- Leach Time
- 24 hours
Recovery
- Recovery
- 98.6 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Fremantle Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Exceptional gold recovery rates of 98.6–99.0% were confirmed from gravity/leach testwork, indicating strong metallurgical performance for the Radio Gold Project.
Positive factors
- High Recovery
- Mill Route
- QP/CP Signed
Evidence · text
“98.6–99.0% extraction at P80=75μm in 24-hour gravity/leach testwork”
Tags used in scoring
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Fact 2Faraday Critical Minerals Project · rubidiumRecovery: 96.7 %View all detailsHide details
Identity
- Project
- Faraday Critical Minerals Project
- Commodity
- rubidium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- WIN
Test Work
- Program Status
- preliminary
Recovery
- Recovery
- 96.7 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Successful extraction of up to 96.7% rubidium in testwork at the Faraday Critical Minerals Project indicates strong potential for this critical mineral.
Positive factors
- High Recovery
- QP/CP Signed
Evidence · text
“Up to 96.7% rubidium extraction in testwork”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.